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Forex - EUR/USD trims gains as ECB press conference eyed

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Forex Pros - The euro trimmed gains against the U.S. dollar on Thursday, easing back from the daily high as investors awaited a key press conference by the European Central Bank president after the bank's rate setting meeting later in the day.

EUR/USD pulled away from 1.4646, the daily high to hit 1.4599 during European morning trade, still up 0.11% on the day.

The pair was likely to find support at 1.4450, the low of June 3 and resistance at 1.4694, Wednesday's high and a one-month high.

The single currency softened after an economic advisor to German Chancellor Angel Merkel said earlier that it is only a matter of time before Greece's debt is restructured.

The ECB was not expected to increase its benchmark interest rate but bank president Jean-Claude Trichet was widely expected to signal that the bank would raise its minimum bid rate in July.

The bank bumped up its key interest rate to 1.25% from 1% in April amid rising consumer prices.

The euro was also slightly higher against the pound, with EUR/GBP easing up 0.04% to hit 0.8892.

Also Thursday, the U.S. was to publish official data on its trade balance as well as a weekly government report on initial jobless claims.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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